A few snips -
...Romney says that the TARP program "was intended to prevent a run on virtually every bank and financial institution in the country," and he says "it did, in fact, keep our economy from total meltdown." But he also, in the book, criticizes Obama's Treasury secretary, "Little Timmy" Geithner, for using TARP as a slush fund. "Under Geithner the program was as poorly explained, poorly understood, poorly structured, poorly implemented as any legislation in recent memory," Romney wrote.
...If TARP was successful as its proponents tell us, then why in Sam Hill is there an economic crisis in Europe? Because in addition to TARP, don't forget that the Federal Reserve (and at the time nobody knew who) had lent or given $2 trillion, when TARP was $800 billion or close to one trillion, anyway. The Fed had given out, lent, whatever, $2 trillion and wouldn't at the time tell us who got the money.
Who got all that money that was sent to the foreign banks? The AIG bailouts? Passthrough?
We'd also learned that a number of bank CEOs were commanded to appear in a locked room at the Treasury department, and Paulson made them take TARP money. He made them sign a piece of paper, even those who didn't want it. The Wells Fargo CEO specifically said, "I don't need it! My bank isn't in trouble. I don't want to have to take $50 billion," or whatever it was they were forcing them to take. But Paulson made them all take it so that there would be the appearance of unity and system-wide problems -- and the story is (and I happen to believe it) that Paulson told them he wasn't letting them out of that room until they all signed.
A bailout is nothing more than wealth redistribution, and this was with taxpayer dollars. This is before Obama's Porkulus! Total here, we're looking at $1.8 trillion of slush funds, redistribution, that took place inside of six months, all set up by a phony economic crisis. Well, not phony, but what was phony was the severity of it in terms of if we didn't do this the world economy collapses in 72 hours. That was bogus. So we bailed out big banks (in some cases banks that did not want to be bailed out) and sovereign wealth funds of foreign countries all on the backs of American taxpayers. They said it simply had to be done.
"We don't have time to think about it! We don't have time to explain it. This is a crisis, it is an emergency. The world economy hangs in the balance!" It's the same technique they use every time we need to extend the debt limit. Every time Obama wants to spend another trillion dollars, what are we told? "It's crisis. It's an emergency. We don't have time for debate...
Any chance Romney will change ANYTHING? Business as usual? I think it is. A new looting? Gotta save (fill in the blank)...
...This is the time to stand up and say, "If you allow people to pursue profit and earn profit, you never need TARP!" If you let people pursue profit, if you let people pursue self-interest, if you let people try to manufacture and sell products and services that a mass of people want, you will never need to bail them out. But if you let liberals in charge of everything, and you put obstacles and regulations and taxes in front of innovators and risk-takers, and if they fail because of it, you're either gonna let 'em fail and feel bad, or you're gonna have a call to bail them out. And we know that the moneychangers, power brokers, whoever, the people that run Washington and have access to that money are gonna bail out their friends first. And that's not you and me.
RUSH: Now, speaking of TARP, Newt, he really nailed it in his Human Events piece 2008, October 1st. Let me give you a brief excerpt of what Newt wrote then. He said, "The TARP plan that relies on the former chairman of Goldman Sachs --" that would be Paulson "-- presiding over disbursing hundreds of billions of dollars to Wall Street is a terrible concept and inevitably will lead to crony capitalism and the appearance of -- if not the actual existence of -- corruption."
Well, that happened. That's exactly what TARP was.
read more here -
http://www.rushlimbaugh.com/daily/2012/01/10/history_lesson_the_tarp_snow_jobPolitician's answer to debt? Steal more money. Take away your future, your dreams, your prosperity...
Where is my $10 billion dollar bailout? Yours? What does the common person get? Debt and financial ruin? Looting the nation every four years?
What is the excuse for continuing the failed policies of the big government party, both wings?
What does Romney want? Economic freedom to pay back crony capitalism debt? Claw back the money!!!
just my humble opinions
